Greek Banks: enjoy the hawk ride (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY)
In this report, we discuss five key themes for the Greek banks, which we believe are likely to dominate discussions with investors in the near term. These are: 1) the sustainability of the recent spike in credit growth; 2) the boost in net interest income from rate hikes; 3) the impact on provisions from softer GDP growth in 2023E; 4) the reappearance of political risk in the domestic agenda; and 5) the perennial large discount of the Greek banks vs. their peers. Our conclusion is that the share price outperformance of the Greek banks vs. their European peers should continue, in view of their superior ROTE, stronger growth, and low valuations. We remain BUYers of all the Greek banks.
Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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